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Ira

Given the state of world finances, what do you do if you have an IRA and you are under 40? Doesn't it seem kinda stupid to save at this point? Can anyone look at someone with a straight face and say that in 2040 your IRA will be there given what we see happening with debt spending and eurozone etc. etc. ?

You can always "what if" yourself to death. What if the governement spends my retirement? What if they take all my money from the bank...but you can also say "What if God moves and there is a huge revivial and the whole country, government included, turns to Jesus?" I continue to pray that this happens...and that THAT is the reason the US is not mentioned in the final days prophesy.

"He is no fool who gives what he cannot keep to gain that which he cannot lose" ~ Jim Elliot

Given the state of world finances, what do you do if you have an IRA and you are under 40? Doesn't it seem kinda stupid to save at this point? Can anyone look at someone with a straight face and say that in 2040 your IRA will be there given what we see happening with debt spending and eurozone etc. etc. ?

That was easy! Your question shows that you already know the answer.

Make a list of potential world problems, the percentage of chances you would give each one of happening (worst possible scenario) in a time frame you choose (2, 5, and maybe 20 years) and what impact each event might have on you financially. That's the best non-advice you can get. It's personalized to you and won't take but 5 minutes.

I am not dispensing financial advice. I just want to say, yes. We continue to invest for retirement and for our children's college educations. When we are raptured, then whatever happens to it happens to it. But, watching some of our elderly relatives retire and try to support them while raising our own family and trying to save for our own retirement has left a pretty rock solid desire in our hearts not to be dependent on social security or our children in our old age.

"Thou shalt love the Lord thy God with all thy heart, and with all thy soul, and with all thy mind. This is the first and great commandment." (Matthew 22:37-38)

Instead of putting money in IRA's or 401Ks or any other type of designated retirement account, I just paid taxes on my earnings and put the money in regular accounts, be they bank or brokerage accounts. I didn't want the government regulations to interfere with when I could withdraw, how much I could withdraw, etc... I'm beginning my 11th year of retirement and am pleased with the decisions I made decades ago relating to my own financial future.

In terms of tomorrow, we know how the story ends but can only guess at the timeline. I would never make plans based on my guess of the future timeline. Whatever material things that get left behind will be of no importance where we're going, so it's not like you'll be losing anything of value.

Well we are in our early 40's and still saving for retirement although sometimes I wonder why. But I think "Live like the rapture is tomorrow but plan like the rapture is in a hundred years" is good advice.

If the Lord tarries I think a balanced approach is best. First goal would be to live debt free. The thing that would have residual value is ariable land with water rights. I have money in the bank but it is not a substantial amount. My wife has IRA's. We keep some money in the bank. If it's time to get a new vehicle I go into saving mode and accumulate money as fast as I can so I can pay cash or at worse a short term note.